Prevention: Closing In On the Final Mile of Fraud Management ORACLE STRATEGY BRIEF AUGUST 2015

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1 Prevention: Closing In On the Final Mile of Fraud Management ORACLE STRATEGY BRIEF AUGUST 2015

2 Disclaimer The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle s products remains at the sole discretion of Oracle. PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

3 Table of Contents Introduction 2 Industry On Alert 3 New Reality; New Requirements 4 Enterprise Grade 5 Conclusion 7 1 PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

4 Introduction There is no shortage of ingenuity when it comes to financial crime and fraud. We see this daily as fraudsters continuously adapt their approach and methods in an effort to stay one step ahead of the law and the latest detection technologies. As transactions become increasingly digital and the internet of things (IoT) matures, the opportunities and avenues for fraud multiply exponentially; so do the challenges for financial services organizations. The velocity, complexity, and expanded opportunity for financial crime require financial services organizations to rethink and retool their approach to fraud management. Real-time and enterprise-wide define the gold standard toward which today s firms aspire. Only with these capabilities can financial services organizations close in on the final mile of fraud management: prevention. 2 PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

5 Industry On Alert Financial fraud continues to grow in scope, complexity, and momentum. One recent study found that, in the first half of 2014, losses in the United Kingdom from remote banking fraud jumped 59% from 2013 figures, reaching 35.9 million 1. Source: Financial Fraud Action UK News of massive fraud continues to make headlines in In February, Kaspersky Lab, a Russia-based computer security firm, shocked the financial community with a report of a cyber-robbery scheme that has stolen as much as $1 billion from financial institutions around the world since The scam, perpetrated by the cybertheft gang Carbanak, targeted as many as 100 banks, e-payment systems, and other financial institutions in 30 countries including the U.S, China, and European nations, stealing as much as $10 million in each raid. The Carbanak gang members came from Russia, China, Ukraine, and other parts of Europe, and they are still active. 2 On the heels of this report came news of fraud in the growing realm of mobile payments, specifically Apple Pay. Some banks are seeing a growing incidence of fraud on Apple s mobile-payment service as criminals exploit vulnerabilities in the verification process of adding a credit card, according to a March 3, 2015, Wall Street Journal article. 3 Financial institutions can expect more of the same as mobile payments gain momentum. Even as firms put out proverbial fires targeted at one channel or fraud method, new criminal schemes emerge. For example, with the United States market scheduled to convert to integrated circuit (IC) or smart chip cards in 2015, nearly all card transactions worldwide will be chip and pin, closing one avenue to fraudsters and spurring them to look elsewhere for new opportunities. A few likely targets include account takeover and digital identity theft. Fraudsters are also likely to turn their devious intentions to larger transactions, which will require firms to 1 Customers Urged to be Vigilant as Fraudsters Increase Scam Attacks, Financial Fraud Action UK, September Online Bank Robbers Steal Up to $1 Billion: Kaspersky, Bloomberg News, February 15, Fraud Comes to Apple Pay, The Wall Street Journal, March 3, PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

6 have the ability to identify precursory events, such as changes in beneficiary information, and rapidly investigate before moving forward with a transaction or funds transfer. New Reality; New Requirements In this increasingly complex environment, financial firms have begun to embrace a risked-based approach to managing fraud detection. That s not to say, however, that they have perfected this model. Many financial firms rely on inflexible, disparate rules-based risk and compliance point solutions that detect specific anomalies within large data sets. This point-solution strategy does not yield the enterprise-wide view of customer activities across channels and products required to effectively identify all threats. More importantly, it does not provide real-time detection capabilities. Organizations, therefore, are left to identify and investigate fraud well after it happens, as opposed to while it is happening, which would allow them to stop incidents immediately and, ultimately, prevent future attacks. Further, many legacy systems do not provide the flexibility needed to quickly and effectively meet changing regulatory requirements. Instead, they require customizations that are expensive and time consuming to build and maintain, and they still do not yield enterprise-wide visibility. In recent years, firms have gotten better at monitoring fraud across channels and achieving real-time visibility. This still is not good enough, however, as we ve seen fraud continue to proliferate and the direct and indirect costs of managing it spiral. According to the U.S. Federal Reserve, the banking industry lost $1.57 billion to debit card fraud in 2013 and $4 billion to credit card fraud in 2012 (the latest years for which data is available). As losses from fraud continue to grow, firms, in turn, are boosting spending on detection and mitigation efforts. JPMorgan Chase s CEO Jamie Dimon has said repeatedly that his bank spends $250 million on cyber security every year, and plans to double that spending. 4 As fraud detection methods have evolved, an unwelcome side effect has been a growing number of false positives. Many leisure and business travelers have experienced the frustration of having their credit cards denied when away from home due to suspicion of fraud. As individuals become increasingly mobile, they expect their banks to keep up with them as they transact, wherever that might be, and without added inconvenience. False positives are very frustrating for consumers and expensive for firms to investigate. As important, they erode the customer experience a critical factor in customer retention. In this environment, financial institutions are looking to achieve real-time, enterprise-wide fraud management that goes well beyond detection and closes in on the ultimate goal: prevention. This holistic approach enables firms to more effectively identify precipitating events leading up to fraud and automatically place a hold before approving a transaction or transferring funds while reducing the incidence of false positives. 4 Visa to Fight Fraud with Apps, The Japan Times, February PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

7 Enterprise Grade Oracle Financial Services Enterprise Fraud Management is designed to meet the rigorous requirements of today s financial services organizations. It delivers six unique capabilities that enable firms to go beyond reactive fraud detection into the coveted realm of fraud prevention. The integrated solution, which is part of the Oracle Financial Services Analytical Applications suite, features:» A standard data model across all customers that includes pre-packaged routines to load and pre-process data from source systems. The data model stores customer, account, and transaction data as well as a rich set of behavioral data, such as ATM withdrawals, purchases, and international wires done on daily, weekly, and monthly basis, to support complete visibility across the banking ecosystem.» Sophisticated behavior detection (see figure 1) that identifies complex behaviors and patterns that evolve over time and are indicative of more sophisticated, complex fraud activity, such as bust out fraud. In these cases, a fraudster (who might have stolen the identities of hundreds or thousands of individuals) will apply for credit from lenders using similar last names. The fraudsters make good payments on time and ask to increase their credit line over a period of six to 18 months, looking to optimize how much money they can get from the bank before they bust out and go delinquent. To identify such complex patterns over lengths of time, Oracle s solution uses the industry s most advanced algorithms, including sequence matching and network analysis. Figure 1. Behavior Detection» Comprehensive decision support thanks to an inline processing engine that can evaluate and assess scores on incoming transactions in real-time, near real-time, or batch to enable immediate decisions about holding or approving transactions. The solution provides a comprehensive set of fraud scenarios, sophisticated behavior detection and profiling techniques, and advanced risk scoring that drives more targeted and effective fraud detection for current and future schemes (see figures 2). For example, batch scenarios enable firms to see long- 5 PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

8 term patterns and compare them to current scenarios. With this capability, a bank can identify, for instance, whether a customer s shopping patterns may have changed suddenly. In addition, real-time scenarios enable financial institutions to identify unlikely travel patterns or flag that a customer has tried to access multiple ATMs in rapid succession or entered incorrect pin credentials three times in a row. Figure 2. Scenario Library (Fraud Type)» Advanced analytics based on Oracle R Enterprise, which provide a library of modeling techniques that can be invoked from an inline processing engine to help institutions more rapidly identify evolving fraud patterns. The predictive engine will apply algorithms to future events, improving the bank s ability to flag and halt fraud. 6 PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

9 » A single, proven platform that enables an enterprise to detect all types of financial crime (see figure 3), such as wire fraud, ACH fraud, phishing schemes, money laundering, and more from a single solution. Oracle Financial Services Enterprise Fraud Management includes a configurable framework for data integration, workflows, integration of third-party systems, and loss capture to support this goal. The solution enables line-ofbusiness managers to get alerts from both internal and external systems, such as FraudNet, Early Warning System (EWS), Falcon, and CHEXSystems, which is a key requirement for an enterprise-wide view of risks and potential threats. Figure 3. Enterprise Fraud Management Functional Coverage» Strong analytics for anti-money laundering and fraud along with compliance risk reporting through dashboards and powerful ad-hoc reporting thanks to Oracle Business Intelligence. These capabilities put insight into the hands of senior management, empowering them to execute risk-based fraud management. For example, they can see that the firm has a credit portfolio of $10 billion and total losses from fraud of $2 million annually. From there, they can make informed decisions about whether to allocate more resources to fraud detection and management in this area or whether it is manageable at the current level with additional investment offsetting gains. As important, the solution supports broader governance risk and compliance (GRC) initiatives, including standardization of reporting practices and methodology across channels and the enterprise. Conclusion Historically, financial institutions have been forced to assume a largely reactive stance with regard to fraud management addressing one type of fraud in a specific channel only to have another threat emerge elsewhere in the enterprise in its wake. Firms have traditionally had to rely on a series of point solutions that could not deliver the end-to-end view and immediate insight required to effectively mitigate and, ultimately, prevent increasingly sophisticated financial crimes. Oracle Financial Services Enterprise Fraud Management is changing the game with a powerful integrated solution that enables an enterprise-wide approach to fraud management combined with powerful real-time decision support that prepares firms to stop even the most creative fraudsters in their tracks. 7 PREVENTION: CLOSING IN ON THE FINAL MILE OF FRAUD MANAGEMENT

10 Oracle Corporation, World Headquarters Worldwide Inquiries 500 Oracle Parkway Phone: Redwood Shores, CA 94065, USA Fax: CONNECT WITH US blogs.oracle.com/financialservices facebook.com/oraclefs twitter.com/oraclefs oracle.com/financialservices Copyright 2015, Oracle and/or its affiliates. All rights reserved. This document is provided for information purposes only, and the contents hereof are subject to change without notice. This document is not warranted to be error-free, nor subject to any other warranties or conditions, whether expressed orally or implied in law, including implied warranties and conditions of merchantability or fitness for a particular purpose. We specifically disclaim any liability with respect to this document, and no contractual obligations are formed either directly or indirectly by this document. This document may not be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without our prior written permission. Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners. Intel and Intel Xeon are trademarks or registered trademarks of Intel Corporation. All SPARC trademarks are used under license and are trademarks or registered trademarks of SPARC International, Inc. AMD, Opteron, the AMD logo, and the AMD Opteron logo are trademarks or registered trademarks of Advanced Micro Devices. UNIX is a registered trademark of The Open Group. 0815

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